Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

12 Neglinnaya Street, Moscow, 107016 Russia;
www.cbr.ru

Information Notice

On operations of provisional administration to manage Central Insurance Company LLC

Due to the suspension of the insurance licence of Central Insurance Company LLC (hereinafter, the Company) by Bank of Russia Order No. OD-1105, dated 27.04.2018, following the violation of the requirements for maintaining financial sustainability and solvency by the Company, a provisional administration to manage the Company for a term of six months was appointed starting from 28.04.2018.

The Company’s failure to timely rectify violations of the insurance legislation served as the grounds for the Bank of Russia to revoke the Company’s insurance licences by its Order No. OD-1334, dated 25.05.2018.

The provisional administration, acting within its mandate, established facts suggesting that the Company’s former management and owners conducted transactions aimed at siphoning off corporate assets.

The provisional administration estimates the value of the Company’s property (assets) to be insufficient to fulfil its liabilities to creditors and mandatory payments obligations.

On 22.06.2018, the Arbitration Court of the Moscow Region accepted the petition to recognise the Company as bankrupt. The hearing is scheduled for 01.08.2018.

The information on the transactions bearing the evidence of criminal offence, conducted by the Company’s executives and owners, was sent to law enforcement authorities for consideration and procedural decision making.

27 July 2018

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